Risk

Aon consolidates units into Aon Global

Aon has created a new business unit called Aon Global. Aon Global consists of the company’s former Global Large Corporate business unit, Captives Services Group, International Risk Manage-ment Group (IRMG), Risk Consulting and Risk Engineering business units, among others. Dennis Mahoney is the chairman of Aon Global, and Steve McGill is the new unit’s CEO. […]

January 31, 2007

1 min read

Risk

Lloyd’s: insurers must address climate change

Insurers need to address global climate change because of the growing cost of extreme natural disasters, advised Lloyd’s of London chairman Lord Peter Levene. “We cannot risk being in denial on catastrophe trends,” Levene said recently in a speech to the World Affairs Council. “We urgently need a radical rethink of public policy, and to […]

January 31, 2007

1 min read

Risk

2006 global catastrophes cause US$40 million in damages

Natural and man-made catastrophes triggered total economic losses worldwide of approximately US$40 billion, and cost property insurers US$15 billion in 2006, according to Swiss Re. This compares favourably to 2005 insured losses totaling US$78 billion. The significantly smaller amount of losses in 2006 will allow property insurers to replenish risk capital that was depleted by […]

January 31, 2007

1 min read

Risk

PartnerRe sees continuing risk retention

PartnerRe Ltd. (NYSE: PRE) is reporting a slight decline of premium as of the Jan. 1, 2007 renewal season because insurers are continuing a trend of retaining more risk. PartnerRe has indicated on its Web site that during the Jan.1, 2007 renewal season, it had written and bound approx-imately US$1.8 billion of estimated non-life premium. […]

January 31, 2007

1 min read

What’s new: In brief (January 31, 2007)

Insurance Bureau of Canada (IBC) is bringing its Emergency Ice and Cold Water Rescue demonstration to four Alberta cities this winter as part of a 10 city tour. The industry wants hockey players, skaters, snowmobilers and outdoor enthusiasts to know the cold, hard facts about ice safety, and to be aware of ice rescue tips […]

2 min read

Arthur J. Gallagher to buy Lowndes

Arthur J. Gallagher & Co. recently announced the signing of a definitive agreement to acquire the Lowndes Lambert Group Canada, Ltd. headquartered in Toronto, Ontario.The transaction is expected to close mid-February, 2007. Terms of the transaction were not disclosed.Philip G. Kane and his associates will continue to operate from their eight Canadian locations under the […]

1 min read

Swiss Re study shows potential in agricultural insurance

Agricultural insurance schemes can provide more economic security to the agricultural community and support the sector’s development, according to Swiss Re.Agricultural insurance is largely underdeveloped, even though agriculture remains a key sector in many emerging economies. Emerging market economies continued their strong growth in 2005, despite rising global interest rates and commodity prices. According to […]

2 min read

PartnerRe sees continuing signs of higher retentions

PartnerRe Ltd. (NYSE: PRE) is reporting a slight decline of premium as of the Jan. 1, 2007 renewal season because insurers are continuing a trend of retaining more risk.PartnerRe has indicated on its Web site that during the Jan.1, 2007 renewal season, it had written and bound approximately US$1.8 billion of estimated non-life premium.”On a […]

2 min read

What’s new: In brief (January 24, 2007)

The owners of 47,000 vehicles insured through the Aviva Canada group in Nova Scotia will start paying lower automobile insurance rates starting February 1, 2007 according to a press release.Approval has been received by the Nova Scotia Insurance Review Board for Aviva to reduce its rates for drivers in the province, effective January 1, 2007 […]

1 min read

Lloyd’s emphasizes unpredictability of political risk

Despite the insurance industry’s efforts to predict potential risks with a view to preparing for the worst, political risks remain a highly unpredictable area according to a recent posting on Lloyd’s Web site.Lloyd’s online article, “Preparing for Political Risk,” is an analysis of Aon’s recently-published 2007 “Political and Economic Risk Map.” According to Aon’s map, […]

2 min read